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Lana is an employee of Compton University. During the past year, she paid $1,500 for professional journal subscriptions and $1,000 of membership dues to academic
Lana is an employee of Compton University. During the past year, she paid $1,500 for professional journal subscriptions and $1,000 of membership dues to academic organizations. Due to budget restrictions, Compton University reimbursed only $800 of these costs. If Lana's AGI is $50,000, she itemizes deductions and her marginal tax rate is 28%, calculate how much these expenditures will reduce her income tax owed to the Federal government.
$0 | ||
$196 | ||
$175 | ||
$200 |
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